Challenger confirms new Chair

Challenger Limited has confirmed the replacement of current Chair Peter Polson as Duncan West, after he was elected in the wake of Polson’s announcement that he will depart the Board on 27 October.

The current Chair of Challenger’s Group Audit Committee and Member of the Group Risk Committee and Nomination Committee, West has served on the Board as an Independent Non-Executive Director since 2018.

He also has over 30 years of board and senior experience in the financial services industries in the UK and Australia, including executive roles at Vero Insurance and CGU Insurance.

Announcing West’s election to the role, Polson said it was an honour for him to serve as Chair and Board Member for Challenger for 19 years and that he is “leaving the business in good hands”.

“It is with great pleasure that I announce the election of Duncan as the new Chair of Challenger,” he said.

“Duncan has served as a valued member of the Challenger Board for a number of years and brings significant commercial acumen and expertise, including deep knowledge of the Australian and global insurance sector.”

West said it was a “privilege” for him to be elected to the position and thanked Polson for his service and “dedication” to Challenger.

“Challenger is a company with a strong purpose and I look forward to working alongside the Board, CEO and Leadership Team as we continue to deliver positive outcomes for all our stakeholders,” he said.

“I’d like to acknowledge Peter’s enormous contribution and commitment to Challenger as a long-standing member of the Board and Chair. Over his tenure, Peter has guided the business as it has grown into the strong and resilient company you see today.”

The announcement also comes after the company signalled it is reviewing the future of Challenger Bank.